Here's Why Hollysys Shares Are Trading Higher Premarket

July 8, 2022 8:48 AM | 1 min read | Make a Comment

The buyer consortium led by Recco Control Technology Pte Ltd and Dazheng Group (Hong Kong) Investment Holdings Company Limited reaffirmed its non-binding indicative all-cash offer of $25 per share to acquire Hollysys Automation Technologies, Ltd HOLI.
The offer represents a premium of 65.5% over Hollysys' closing share price of $15.11 on July 7.
The consortium engaged UBS AG Hong Kong Branch as the financial advisor regarding the proposed acquisition.
The consortium first sent the offer on December 3.
The state-owned operator of Beijing's railway and the subway had also weighed a takeover bid for Hollysys, valuing it at $1.9 billion.
Price Action: HOLI shares traded higher by 6.15% at $16.04 in the premarket on the last check Friday.